Promoting Job Creation and Reducing Small Business Burdens Act (H.R. 37)by Representative Betty McCollum
Posted on 2015-01-27
in the house of representatives
Tuesday, January 27, 2015
Ms. McCOLLUM. Mr. Speaker, I rise in opposition to the Promoting Job
Creation and Reducing Small Business Burdens Act. This bill undermines
vital consumer protections and regulations afforded by Dodd-Frank Wall
Street Reform and Consumer Protection Act (Public Law 111-203). On
January 7, 2015, the House voted on this new bill under suspension of
the rules where it failed. I did not support this recrafted bill and I
do not support it now.
While many of the provisions within H.R. 37 have passed the House in a bi-partisan fashion during prior Congresses, this year House Republicans have added a new, political provision to weaken consumer protections that I cannot support. Undermining the Volcker Rule by delaying its implementation until 2019 will again put middle-class and working families at financial risk just as our economy has recovered. The Volcker Rule prohibits financial institutions from conducting speculative investment activities that do not benefit their customers. This federal regulation is necessary to safeguard the American people from the financial instability and damaged caused by risky trading by Wall Street that contributed to the Great Recession.
This bill is unnecessarily being rushed to the House floor. Neither the Financial Services Committee nor the Agricultural Committee has had an opportunity to review this bill in this new Congress and assess the impacts it would have on our banks and our farmers. Mr. Speaker, I urge my colleagues to join me in opposing the Promoting Job Creation and Reducing Small Business Burdens Act and instead bring a bill to the House floor that protects all Americans not just Wall Street.